What is a reverse mortgage? It is a type of federally insured loan, also called a home equity conversion mortgage. In particular, it allows older Americans who meet certain criteria to use the equity in their homes to continue to live independently.
Does CCCS offer reverse mortgages? No, CCCS is not a lender. However, we offer help to those considering one by providing information on the costs and benefits.
How can CCCS help? Certified counselors are qualified to provide one-on-one counseling to interested homeowners. These counseling sessions serve to help you understand the way a reverse mortgage works. Counselors review the costs and benefits, financial implications, tax consequences, effects on borrowers heirs, and other options available to the homeowners.